Foreclosure Crisis Nearing an End

Foreclosure filings in August fell 44% to 55,575, the lowest level hit in eight years. Rising home prices and a decline in underwater borrowers have helped drive the trend, according to a CNNMoney article. In addition to this positive news, the number of homes repossessed by lenders rose 6% compared to July, to 39,277. While this may not seem like good news, it actually represents a drop of 25% year over year, and is more than 60% below the peak of repossessions in September 2010. Daren Blomquist, vice president at RealtyTrac said in the article that this is a strong indicator that the crisis is over, and that "The foreclosure floodwaters have receded in most parts of the country, although lenders and communities continue to clean up the damage left behind."